Paytm to invest Rs 100Cr in GIFT City; to offer AI-driven cross border remittance, set up a development centre for innovation

Indian fintech giant Paytm's parent company One97 Communications today said it will invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem, ahead of the Vibrant Gujarat Global Summit 2024, in Gandhinagar.

The company said it will make the investment over a period of time and will seek requisite approvals for the same.

With GIFT city as an ideal innovation hub for cross-border activity, Paytm will use its proven capability to innovate and build new tech for users across the globe looking to invest in India, the release notes.

The company will replicate its success to now reduce friction in cross-border remittances with faster and cost-effective solutions, driven by Artificial Intelligence. Leveraging its leadership as a tech innovator, Paytm will also set up a development centre in GIFT City to build the above solutions and provide a technology backbone.

Paytm believes the centre will create jobs and house engineers to develop a suite of world-class financial products and services.

Vijay Shekhar Sharma, founder and CEO, said, "GIFT City is set to become a global financial hub, further putting India on the world map for innovation. The strategic investment in GIFT City represents a pivotal step towards building an Artificial Intelligence-driven cross-border remittance and payments technology landscape, presenting global opportunities. This will enable us to deliver fast, reliable, and cost-effective remittance solutions, reducing friction, at a global scale."

"We are excited about GIFT City serving as an exemplary innovation hub for cross-border activities, enabling overseas investors the flexibility to maintain foreign currency accounts. Furthermore, we intend to leverage this investment to establish a dedicated development center," Sharma added.

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